Every person worries about what would happen to their family’s livelihood upon their death. This is more serious in cases where the person is the sole earner of the family. So, in order to secure their family’s life in the event of their death, people frame estate plans. Estate planning instructs on how the assets of the estate planner will get monitored upon his/her death. Who will get what from the estate planner’s assets gets decided in the estate plan. Estate planning looks like an easy task but it is not so it is better to frame it under the guidance of an estate planning attorney near me 11765.
Another objective of estate planning is to protect the assets. Protect the assets in the sense to prevent the assets from their value getting reduced. Estate planning comes up with different ways to transfer the assets to the heirs as intended by the estate planner without any reduction in the asset’ value. This is a very important part in estate planning and must not be ignored. Finding different ways to protect the assets require some knowledge skills which the estate planner lacks. Thus, he/she should hire an estate planning attorney near me 11765 to use his/her help.
Here are some tricks which can get used in protecting the assets:-
Avoiding Probate With Help From an Estate Planning Attorney Near Me 11765
Probate is the main reason for estate value reduction. Because probate being a legal process is expensive. The fees charged by the court for administering the probate process gets cut from the value of the estate, Thus, reducing the estate value. With the help of an estate planning attorney near me 11765, one can avoid probate.
Using Trust as Suggested by an Estate Planning Attorney Near Me 11765
The estate planner can hold his/her assets in a trust to avoid probate. In case of a trust, the assets get transferred to the beneficiary without getting involved in a probate process. Due to this reason. An estate planning attorney generally suggests creating trust over and above a will.
Drafting A Clear Will With the Help of an Estate Planning Attorney Near Me 11765
The will drafted for the estate must be clear and understandable. Any confusions in the will can result in the transfer of assets to the wrong hand. Therefore, a will should get drafted under the guidance of an estate planning attorney near me 11765.
Designating Beneficiary With the Help of an Estate Planning Attorney Near Me 11765
If the estate planner owns some assets in which he/she can designate a beneficiary then he/she must do it. Designating a beneficiary turns the account into a payable at death account. These assets get transferred immediately to the beneficiary upon the asset owner’s death. The estate planner can take the help of an estate planning attorney near me 11765 for this process. This type of assets doesn’t go under the probate process thus preventing estate value reduction.
The claim of the creditors to pay their debts can cause a reduction in the estate value. The estate planner must avoid this process. The only way to avoid the creditors is by preventing the assets from going through a probate process. This can protect the assets from value reduction.
There are many taxes that are charged on the estate that gets transferred to the heirs. The estate planner must come up with a plan to avoid these taxes. With the help of an attorney, he/she must use the exemptions provided by the state to reduce the taxes. This will prevent a reduction in the estate value after the estate planner’s death.
The estate planner must make life insurance so that if in case the assets have to go through probate, the expenses in probate can be met with the money received from life insurance.
Updating the Documents
The documents related to the estate plan must get updated at regular intervals. The documents are also updated when there is any change in the family structure so that the assets don’t go the wrong hands. For example, if the documents are not updated, the assets may go to the ex-spouse of the estate planner. This might not be good for the actual heirs of the estate.
Estate planning is successful when all the assets of the estate planner go to the heirs as intended by the estate planner. For ensuring this to happen, the estate planner can take the help of an estate planning attorney near me 11765.